The latest survey by Goldman Sachs 10,000 Small Businesses Voices has revealed that small business owners across the United States are more undecided about the upcoming election compared to the general public. The survey polled 1,259 small business owners from different states and territories, with over 90% of them planning to vote in November. However, about 20% of small business owners remain undecided on who they will support, which is significantly higher than the general public’s rate of indecision at 12%.
The findings suggest that many small business owners feel that presidential candidates are not addressing critical issues that affect their businesses. Jessica Johnson-Cope, President of Johnson Security Bureau in The Bronx, New York, emphasized this point by stating that it is crucial for politicians to focus on key economic concerns such as inflation, small business tax policies and regulatory burdens to create a favorable environment for the future growth of America’s small businesses.
The survey results also reveal that small businesses across the country continue to face significant challenges due to inflationary pressures. Nearly three-quarters (71%) of respondents reported increased pressure due to inflation while over half (49%) had no choice but to raise prices on their goods or services within the past three months. This underscores the need for political leaders to prioritize addressing critical economic issues that directly impact small businesses and their ability to compete in today’s environment.
